More than half of doctors, lawyers and finance workers earning £75k-plus feel too poor to retire by 65, survey finds

More than half of wealthy professionals plan to delay retirement until their late 60s because they have not saved enough, a new survey reveals.

Some 56 per cent of people working in the finance, legal, teaching and medical and other professions and making £75,000-plus a year admit they will be financially unprepared to give up work by the age of 65.

One in five of these high earners were not enrolled in any kind of pension scheme, despite Government attempts to get all workers to save for their old age, the research by Investec Private Bank revealed.

Unhappy with salary: Three out of five people surveyed by Investec blamed low pay rises and in some cases a pay freeze for halting their career progression and making them need to work longer

Among the 2,000 people surveyed, 72 per cent agreed that 60-65 years was the appropriate age for retirement - but the average age when they planned to stop work was 69.

Breaking the figures down further among the professions, half of lawyers (55 per cent) expected to retire past the age of 65, and around the same for civil servants (53 per cent), the hospitality sector (58 per cent) and medical profession (60 per cent).

Many of these well-salaried workers also said they planned to take a part-time job to boost their income when they reached retirement age.

Some 72 per cent of those in teaching, 60 per cent in medicine, 43 per cent in law, 48 per cent in finance and 61 per cent in the civil service said they would need a sideline to keep their finances afloat.

When it came to savings levels, those in the legal profession seemed to be the most confident about the future as 54 per cent said they were well prepared for retirement.

However, one fifth of those working in law added that they would consider starting on a new career altogether once they reach retirement age.

Some 20 per cent in the civil service said the same, as well as 18 per cent in finance and 21 per cent in medical jobs, but just 13 per cent in the teaching profession.

Ready to retire: Only 13 per cent of high earners in teaching would consider embarking on a new career later in life

Three out of five people surveyed by Investec blamed low pay rises and in some cases a pay freeze for halting their career progression and making them need to work longer.

Wayne Preston, head of banking at Investec, said: 'With half of professionals now expecting to retire much later than the official age of 65, our Professionals Report has shown the necessity for those in employment today to be more prepared than ever in order to reach their retirement goals.'

But he added: 'It’s not all negative; a fifth of people see retirement as an opportunity to embark on a new career indicating an emerging trend in active professionals, even after 65.'